Member of Commerzbank Board to Visit Baku

Business Materials 6 February 2008 13:25 (UTC +04:00)

Azerbaijan, Baku, 5 February /corr. Trend I.Khalilova / Due to the official opening of the representative office of the German Commerzbank in Azerbaijan on 7 February, a Member of the Board of Managing Directors of Commerzbank, Martin Blessing, is expected to make a visit to Baku, said Marco Graff, Head of the representative office on 6 February [Blessing is a candidate for chairmanship of the Executive Board of Commerzbank, who is expected to be elected in May at the meeting of the shareholders of the bank].

Commerzbank has been granted a license for a representative office in Baku by the National Bank of Azerbaijan at the end of November 2007.

"I am delighted that Commerzbank is now represented in the Caucasus. Our new office in Baku is another step in our growth strategy for Central and Eastern Europe," says Martin Blessing, Member of the Board of Managing Directors of Commerzbank, in his published statement on the Bank web-site.

The main task of the office in Baku will be to maintain close contact with the National Bank, local banks, government and international institutions and local business communities. It will also advise German corporate clients wishing to benefit from the opportunities arising from the positive economic performance in Azerbaijan and Georgia. The office will also carry out market research.

"We intend to use our new representative office in Baku to further expand our investment in the region," says Per Fischer, Head of Financial Institutions at Commerzbank.

The new location means that Commerzbank is now present in 43 countries.